지주회사 정보가 주주가치와 신용등급에 미치는 영향에 관한 연구

Existing studies have examined the relationship between firm performance and holding company structure adopted by firms. In general, there is a particularly positive relationship between firm characteristics of holding company and firm value. In this paper, using a Korean firms, we have examined (i) the announcement effects of holding company structure on shareholder value and cost of capital(credit rating), and (ii) the determinant of firm value change which includes holding company information through case study and empirical work. We show that the relationships between the announcement of holding company system and short-term stock return have positive effects. In addition, holding companies with higher lever of ownership by controlling shareholder, lower price earning ratio experience a larger increase in the value of their equity. However, our results do not reveal particular relationship between holding company system and credit rating level. This empirical evidence indicates that the information of holding company doesn't have effect on their debt values. In addition, these results are robust for different method of the case study and regression model. To the extent that firm value enhances after governance structure changes due to the increase in expected return on investment, our results are consistent with the view that financial characteristics such as holding company can derive a link between corporate system and firm value.